Common use of REPLACEMENT OF ENGINE Clause in Contracts

REPLACEMENT OF ENGINE. Lessee shall, promptly and in any event within 60 days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, in compliance with ss. 10.3 and as replacement for the Engine with respect to which any Event of Loss occurred, title to a Replacement Engine, free and clear of all Liens other than Permitted Liens. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a current value, estimated residual value, utility, and remaining economic useful life (without regard to hours and cycles remaining until overhaul, provided no Special Default or Event of Default then exists) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with the Lease) immediately prior to such Event of Loss.

REPLACEMENT OF ENGINE. Lessee shall, promptly and in any event within 60 days after the occurrence of such Event of Loss, convey or cause to be conveyed to Lessor, in compliance with ss. 10.3 and as replacement for the Engine with witH respect to which any Event of Loss occurred, title to a Replacement Engine, free and clear of all Liens other than Permitted Liens. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a current value, estimated residual value, utility, and remaining economic useful life (without regard to hours and cycles remaining until overhaul, provided no Special Default or Lease Event of Default then exists) at least equal to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with the Lease) immediately prior to such Event of Loss.